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Turkish lira hits record low, stocks gain after Erdogan secures re-election

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Turkey's lira hit fresh record lows against the dollar on Monday, though stocks rallied, after President Tayyip Erdogan secured victory in Sunday's presidential election, extending his increasingly authoritarian rule into a third decade.

rising by 4%. The share of foreign asset managers holding Turkish stocks has dwindled in recent years and the market is chiefly driven by local investors.Reuters Graphics

Erdogan's surprisingly strong showing in the first round of the election on May 14 had triggered a selloff in Turkey's international bonds and a spike in costs to insure exposure to its debt via credit default swaps amid fading hopes of a change in economic policy. On Monday, Turkey's international bonds were steady while CDS were hovering at Friday's closing level .

 

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